Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

277 Collingswood Drive Concord, NC 28027

3 Beds 2 Baths 1,214 sqft Built 1998

$229,900

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $189.37
  • 3 Days on Market
  • MLS # : 3686567
  • Updated Date : 11/27/2020 at 11:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,214 sqft
  • Baths : 2 full
Listing Agent

Mccravy Realty Affiliates

Listing Agent's Description

All it needs is you in this beautiful home. This home boasts many upgrades. From the new flooring, paint, new fixtures, new cabinets, granite countertops, new appliances, breakfast bar, beautiful tiled bathrooms. What a wonderful touch with the sliding barn doors in bedrooms! Enjoy sitting on the covered front porch or grilling on the large back deck in your privacy fenced back yard. Major big ticket items are not age worries either with the HVAC being 2 years old. The roof is 3 years old and the water heater is only 5 years old. Outbuilding has insulation and sheetrock walls. Are you ready to move in? Come take a look at your new home.

SEE MORE

MARKET HIGHLIGHTS

  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)
  • Charlotte metro has 65.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Charlotte attracted more than $325 million in capital investments in 2018Q2 (Meckelenburg county, June 2018)
  • Charlotte metro's economy is worth $181 billion in Gross Metro Product and projected to grow to $192 billion in 2019 (USMayors.org, 2018)
  • #1 Millenial Moving destination city (Smart Asset)

PRICE & RENT TRENDS

Neighborhood: Deerfield Hills

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k216k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Deerfield Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6771375

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Beverly Hills Elementary School Primary Regular 355 24 2
Northwest Cabarrus Middle School Middle Regular 905 58 4
Northwest Cabarrus High School High Regular 1,198 72 3

Beverly Hills Elementary School

  • Education Level: Primary
  • # of students: 355
  • # of teachers: 24
2
GreatSchools Rating

Northwest Cabarrus Middle School

  • Education Level: Middle
  • # of students: 905
  • # of teachers: 58
4
GreatSchools Rating

Northwest Cabarrus High School

  • Education Level: High
  • # of students: 1,198
  • # of teachers: 72
3
GreatSchools Rating
 

$206,910$252,890$229,900

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$848
Property Tax -$243
Property Insurance -$50
Property Management Fees -$112
CASH FLOW
-$13

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$229,900

PROJECTED PRICE

$1,240

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,674

INVESTMENT

$66,674

Down Payment
$57,475
Rehab Estimate
$5,750
Closing Costs
$3,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,475
Loan Amount $172,425
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$9,796

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,240

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,062

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,099
1$1,0992$1,1503$1,2404$1,2455$1,345
$1,345
RENT COMPS ANALYSIS
  • 277 Collingswood Drive Concord, NC 3
    • 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $1.02
    •  
  • 924 Pine Circle Drive Concord, NC 1
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 2002
    property image
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,099
    • $0.85
    •  
  • 262 Buffalo Avenue Concord, NC 2
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1900 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1900
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.88
    •  
  • 679 Magnolia Crossing Circle Concord, NC 4
    • 4 beds 2 baths ∙ 1,421 Sqft ∙ Built 2009 4 beds 2 baths ∙ 1,421 Sqft ∙ Built 2009
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,245
    • $0.88
    •  
  • 1432 Jabbok Place Concord, NC 5
    • 3 beds 3 baths ∙ 1,505 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,505 Sqft ∙ Built 2003
    property image
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,345
    • $0.89
    •  
PROPERTY LISTING DETAILS
Sheri Bradford
1.704.777.9869
Mccravy Realty Affiliates
BESbswy